Ni pelotazo ni calderilla: La Nevera Roja se revendió por casi lo mismo que costó

la nevera roja interview

La Nevera Roja ha dado mucho que hablar en España en el último año. La empresa fundada por Íñigo Juantegui y José del Barrio fue comprada por Rocket Internet en Febrero del año pasado por 80 millones de euros.

Exactamente un año después, y como adelantó Novobrief a finales de febrero, la startup de comida a domicilio fue vendida de nuevo, pasando esta vez a manos de Just Eat como parte de una operación que afectaba también a otros negocios de Rocket en Italia, México o Brasil. La compra de las cuatro empresas se cerró en €125 millones.

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Menos de un año después de su fusión, Groupalia/Offerum son compradas por Ofertix

coupons spain died

Groupalia y Offerum, dos de las principales empresas del sector de los cupones y los descuentos online en España, se fusionaron en Marzo de 2015. Menos de un año después, la empresa resultante de la transacción está a punto de ser vendida a Ofertix, según varias fuentes cercanas al sector han confirmado a Novobrief.

El precio de la transacción no ha sido revelado.

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Menéame cambia de manos

meneame

El conocido agregador de noticias fundado por Ricardo Galli y Benjamí Villoslada en 2005 tiene nuevos dueños. Daniel Seijo, cofundador del grupo editorial Diariomotor y del fondo de inversión Civeta investments, y Domingo Remojón (Remo), director de iAsesoria, se han hecho con una participación “significativa” en uno de los portales con más tradición en la escena española.

La cuantía de la transacción no ha sido revelada por ninguna de las partes.

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Just Eat to acquire Rocket Internet’s La Nevera Roja

Less than a year after Rocket Internet acquired La Nevera Roja for €80 million, the Madrid-based food delivery company is about to be acquired by Just Eat.

la nevera roja just eat

Less than a year after Rocket Internet acquired La Nevera Roja for €80 million, the food delivery company based in Madrid is about to be sold again, according to multiple sources close to the situation.

Terms of the deal were not disclosed.

Just Eat is going to get its hands on the company once founded by Jose del Barrio and Iñigo Juantegui, becoming a de facto monopoly in the Spanish delivery industry with approximately 6 million annual deliveries.

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The Spanish startup ecosystem in 2015

Analysis of the Spanish startup ecosystem in 2015 and the most relevant Venture Capital deals and firms.

Today was the official unveiling of the 2016 edition of 4YFN, one of the leading startup and technology events in Spain. Organised by Mobile World Capital, the conference will take place in Barcelona from February 22 to 25 and will bring together 12,000 attendees, 500 investors and startups from all over Europe.

For this year’s edition, MWC asked me to put together a report on the Spanish startup ecosystem, which you can see embedded above. The report was presented by MWC’s CEO Aleix Valls.

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Al calor de FondICO, todos se hicieron surfistas

En 2015 las startups españolas recibieron más de 500 millones de euros. Un año que ha sido record también para los propios fondos de capital riesgo.

españa venture capital

Por primera vez en la historia de España, en 2015 se invirtieron más de 500 millones de euros en empresas tecnológicas españolas. Lo que viene a ser en la mitología estartapil, un medio unicornio.

Sin más datos en la mano, es difícil afirmar que 2015 ha sido un año record en otros aspectos del panorama patrio de startups. Sin embargo, y ayudado en mi mala memoria, creo que no me cojo los dedos si digo que el año pasado fue también especialmente bueno para los inversores españoles.

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On a personal note

I’m joining tech.eu as a data analyst/journalist. Novobrief will continue to exist with a different focus and the weekly newsletter will stay as it is.

tech.eu

I started Novobrief because I thought, and I still do, that the Spanish startup ecosystem could be covered in a better way and because I believed investors, entrepreneurs, corporates and the general public outside of Spain should know what was going on in the country.

The idea behind the project was always to build a business that could support myself, but I haven’t been able to achieve that and, in the process, I’ve also learned that simply covering Spain is too low of a ceiling.

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The impact of MIT in the Spanish startup ecosystem

We welcome another guest article from Iñaki Berenguer. This time he writes about the impact of one of the best universities in the world in the Spanish startup ecosystem.

mit spanish startups
Example of the 8 Spanish entrepreneurs educated at MIT and global leaders in their fields.

This guest post was written by Iñaki Berenguer, currently the founder & CEO of CoverWallet. Prior to that, Iñaki founded and led Contactive and Pixable (both acquired), and worked at McKinsey, Microsoft and HP.

This summer, Nobel prize winner Paul Krugman published an article in the New York Times about the dominance of MIT trained economists in global policy positions. He gave as examples, apart from himself, Ben Bernanke, Mario Draghi, Olivier Blanchard or Maurice Obstfeld, Chief Economists of the IMF, European Central Bank, or Federal Reserve. More recently, a new ranking puts MIT as the top ranked university worldwide. And this very week, MIT published a study about the impact of the university in the creation of businesses, that in turn generate employment for 5 million people and enough income to be ranked as the 10th largest economy in the world in terms of GDP.

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Group dating startup Groopify picks up €800,000 in funding

Madrid-based startup Groopify wants to capitalise on the hype surrounding dating apps. To expand its offering geographically, it has raised €800,000 in funding.

groopify

These days, on the consumer side, it seems as if two main kind of apps are the most lucrative: games and dating applications. If you take a look at the top grossing apps on iOS or Android’s app stores, you’ll see a wide variety of the latter, from Tinder to Happn. Groopify wants to get there.

The Madrid-based startup is not just a dating app, but also a platform that makes it easier for groups of young people who don’t know each other to meet up for a drink. Like a blind date, but more sophisticated and with more people involved.

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Kibo Ventures prepares new €80M fund to lead Series A investments in Spanish startups

Interview with Kibo Ventures partner Aquilino Peña, as the firm gets closer to launching its second investment fund of €80 million.

kibo ventures fund

Kibo Ventures is about to launch a new fund. If all goes according to plan, the fund will be almost double the size of the first one (€80 million vs. €45 million), allowing the firm to lead or co-lead investments in the €2 to €5 million range.

Not a lot of investment firms can reach that level in Spain at the moment, and with so much seed capital available for startups, the firm led by Aquilino Peña, Javier Torremocha and José María Amusátegui believes they can make a difference at the Series A and B stage.

To know more about the firm’s intentions, the differences between the new and old fund and LPs’ appetite for technology companies, we sat down with Aquilino Peña for a short interview.

You’ve significantly increased the size of this new fund, from €45 to €80 million. What’s going to change with it? Is Kibo’s focus different this time?

The focus is the same as before: to invest in digital companies. We don’t invest in hardware, retail, consumer electronics or in other capital-intensive sectors that require large sums of money to launch a product or service. In digital we’ve made deals in all kinds of sectors, mostly because the Spanish market doesn’t allow you, as an investor, to focus on a niche or single sector.

We’re big fans of transactional models (SaaS, ecommerce enablers, marketplaces), mobile and companies with a strong tech component.

Can you find enough projects in Spain to justify spending €80 million in them? In other words, are you going to continue to invest only in Spanish companies or are you also looking at other countries and regions?

One third of the 31 companies in our portfolio are in the US, so we don’t only look at Spain-based companies. That said, the common trait in our portfolio is that there’s always a Spanish connection: the founding team, the development team, etc.

Kibo’s numbers: 31 investments, 3 exits (Ducksboard, Blink, SinDelantal), €50M annual aggregate sales, 800 employees

We do make deals outside of Spain under that thesis, but only when we can contribute to their success in some way and when there’s a Spanish link in them. Many of the companies we have backed have launched in the US with our support, and we like to help in any way we can.

You’ve always said that, with so much capital at the seed stage in Spain, there’s a big opportunity for firms investing in large Series A and B rounds. Is that Kibo’s goal with this new €80 million fund?

Our average investment in our current fund is €1 million. With the new one, we want to invest in fewer companies but with the capability of deploying more capital than before in each of them, between €3 and €4 million per company.

With the new fund we’ll have the same entry point, but we want to be able to lead or co-lead €2 to €5 million rounds in Spanish companies. Right now it’s very tough for startups to find local money at that stage and the fundraising process tends to be an even bigger distraction for teams.

We’re hands-on investors, we believe we know very well our companies and that’s why we want to lead those type of deals, instead of just making small follow-on investments.

VCs don’t talk much about their own investors. Who is backing Kibo this time? Are Telefonica with Amérigo or Mutua Madrileña investing once again?

We’re right in the middle of the fundraising process and all LPs from our first fund have encouraged us to launch the second one, and they have backed us. Pretty much every single one of them have already committed capital to the new fund, and those that have not, are currently discussing it internally. Our objetive is that all of our previous investors join us once again, and it’s looking good.

We’re very happy with Telefonica’s Amerigo, and we collaborate with the company at all levels: sales agreements, co-investments, analysis of opportunities and support in their various entrepreneurship programs under the Open Future umbrella.

Lately a lot of Spanish VCs have closed new funds or are in the process of doing so. What’s the process been like for Kibo given the level of competition in today’s market?

There are a lot of funds raising capital at the moment. I think LPs are very selective when it comes to backing VCs, and not every single fund currently fundraising will be able to reach their goals. You need to have experience, strong differentiating factors and a strategy and focus that you can explain well.

In our case, we have all of that and we also have the support of our previous LPs. The process is going very well for us.

People often talk about how tough it is for a startup to raise funding. But, what’s the process like for a fund like Kibo? Is there a lot of interest from LPs to get into the technology market?

The problem we have in Spain is that the number of institutional investors willing to invest in Venture Capital is very limited. That’s one of the reasons why companies like Telefonica or public entities such as FondICO or CDTI’s Innvierte play such a vital role in the sector.

“In Spain the number of institutional investors willing to invest in Venture Capital is very limited” – Aquilino Peña

This problem is slowly but surely being solved, mostly thanks to companies that are performing well and growing, coupled with significant exits and low interest rates.

What many LPs and institutional investors now realise is that they’re better off investing in Venture Capital firms with strong track records than investing that capital themselves.

You told me that the new fund will have a size of between €60 to €80 million. Does its final size depend on how much public money you’re able to get?

We’re the only fund in Spain that, so far, has received support from FondICO and CDTI in both of our funds, the old one and the new one.

We’re also in talks with the EIF (European Investment Fund), which is the largest institutional investor in the European Venture Capital scene, managed by people with a lot of experience in the sector. We’ll be happy to have them on board, but they’re not investors yet.

What are you most proud of in your first fund?

One of the key advantages of our portfolio is that we don’t depend on one or two companies to perform well. We’ve been able to build a portfolio that has seen very few casualties.

We’ve invested in 31 companies, we’ve sold profitably three of those, four have shut down (less than 5% of all) and two more are currently struggling.

All in all, we have a very solid and growing portfolio, with aggregate annual sales of €50 million and with more than 800 employees. These are companies that have found their market and have real clients. Thanks to our efforts to stay connected in the ecosystem, we’ve been able to invest in some of the better companies in Spain today. Some of the most valuable in our portfolio are Flywire (peerTransfer), CartoDB, Redbooth or Jobandtalent; but we’re also investors in others that have great potential, Captio, iContainers, Custodio or MediaSmart.